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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, November 26, 2019, Vol. 20, No. 236

                           Headlines



B O L I V I A

BOLIVIA: Fitch Downgrades LT IDR to B+, Outlook Negative


B R A Z I L

CLEALCO: Amerra's Bid for Sugar Mill Fails to Win Creditor OK
FLEURY SA: Moody's Rates Proposed BRL500MM Sr. Unsec. Debt Ba2


C H I L E

CHILE: Shock Politico-Economic Insecurity in Country


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Private Sector Keeps an Eye Over Plant Sale


J A M A I C A

JAMAICA: Lee-Chin Chides Gov't. Over Reluctance to Divest Assets
JAMAICA: Sees Increase in Credit From Deposit Taking Institutions


M E X I C O

MEXICO: Economy Stagnates in Third Quarter


P U E R T O   R I C O

LABORATORIO ACROPOLIS: Plan & Disclosures Filing Deadline Extended

                           - - - - -


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B O L I V I A
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BOLIVIA: Fitch Downgrades LT IDR to B+, Outlook Negative
--------------------------------------------------------
Fitch Ratings downgraded Bolivia's Long-Term Foreign Currency
Issuer Default Rating to 'B+' from 'BB-'. The Rating Outlook
remains Negative.

KEY RATING DRIVERS

The downgrade of Bolivia's ratings to 'B+' reflects the rapid and
sustained erosion of external buffers and related macroeconomic
risks, which have intensified amid recent political and social
instability. International reserves have already fallen well below
Fitch's prior projections to levels that increase macroeconomic
vulnerability in the context of a stabilized currency regime and
high commodity dependence. Political instability may worsen this
trend. Economic growth is likely to slow given rapidly narrowing
scope to sustain the expansionary policies (fiscal, monetary and
salary) that have supported it in past years. The Outlook remains
Negative due to downside risks to growth and macroeconomic
stability from persisting social unrest and uncertainty around
policy measures likely to be needed to correct large twin
deficits.

Bolivia's rating remains supported by a favorable government debt
profile, including modest near-term debt service needs well covered
by cash buffers, and moderate albeit rising debt-to-GDP. This is
counterbalanced by commodity dependence that remains high despite
diversification efforts, low per-capita GDP, and a weak private
investment climate rendering growth reliant on expansionary
policies. Bolivia's poor rankings in the Worldwide Governance
Indicators (29th percentile) reflect political and social risks
further highlighted by the ongoing crisis and its negative economic
implications.

Elections held on Oct. 20, 2019 pointed to a first round-victory
for incumbent President Evo Morales, but were marred by
irregularities. This triggered large-scale social protests, an
audit by the Organization of American States (OAS) highlighting the
improprieties, and on Nov. 10, the resignation of Morales at the
request of the military. An interim government pledged to call new
elections, but these have yet to be scheduled. Governability and
social stability remain uncertain, and so long as this situation
persists it could undermine macroeconomic prospects and the
authorities' ability to implement timely policy adjustments.

Preservation of expansionary policies and a stabilized exchange
rate in the face of a structural shock to gas revenues (prices and
volumes) have kept the current account deficit large since 2015.
Fitch projects it will grow to 6.2% of GDP in 2019. Gas export
volumes fell sharply by 27% yoy through September due to a demand
shock from Brazil (its supply contract expired this year) and
Argentina. Policies to support domestic demand have kept import
growth firm. Large negative errors-and-omissions in
balance-of-payments data (eg USD1.2 billion in 2018, or 2.9% of
GDP) may capture further pressures from unrecorded contraband or
capital flight.

These external pressures have led to a heavy drawdown in FX
reserves to USD6.9 billion as of Oct. 25, from USD8.9 billion at
end-2018 and USD15.1 billion at end-2014. The decline has been even
more pronounced net of the appreciation of gold (30% of the stock)
and one-off boosts from the incorporation of USD2.0 billion in FX
funds of other financial and public entities. Reserves are no
longer high relative to peers by all metrics, and their adequacy is
even less favorable in the context of commodity dependence and a
stabilized currency regime. Reserves still amply cover imports and
external debt service, but have fallen to 25% of broad money (well
below the BB and B medians) and just 17% of GDP, highlighting
vulnerability to capital flight pressures that could intensify amid
social unrest. Reserves are likely to have seen further declines
amid the unrest of recent weeks (these data have been reported with
a longer lag) amid reported deposit flight, although the
authorities indicate that gas shipments to Brazil have recovered
since since October.

Prospects for increased external borrowing to mitigate the pace of
reserve drain (eg via sovereign bond issuance) have become more
uncertain. The interim government has ruled out a devaluation of
the boliviano (estimated by the IMF to be widely overvalued), as
this could help improve the current account but at the risk of
stoking capital-account pressures by destabilizing macroeconomic
variables and well-internalized expectations around a stable
exchange rate.

Fitch expects growth to slow to 2.5% in 2019 from 4.2% in 2018,
reflecting the gas production shock and widespread economic
disruptions following the October elections, including strikes and
damages to infrastructure. Fitch expects these factors to reduce
growth to 1% in 2020, but the near-term outlook is highly unclear
amid persisting social instability and policy uncertainty. The
interim government has pledged broad continuity in economic
policies, but these appear increasingly difficult to sustain as
fiscal and external buffers erode, making their stabilization
increasingly reliant on policy adjustments. The scope and timing of
such adjustments is uncertain, however, and appetite for them
limited given a precarious political and social backdrop. The
authorities expect completion of public investment projects (eg in
electricity, steel and fertilizer) to support growth and yield a
revenue windfall that lowers the twin deficits without the need for
a large policy adjustment, but this has not yet occurred as
previously projected amid delays and potential profitability
issues.

Narrowing scope for state-led growth policies renders the
medium-term growth outlook reliant on efforts to lift low private
investment. The recent lifting of export quotas are a first step.
However, Fitch expects investment to remain tepid until political
uncertainties subside and reform prospects become clearer. This
could also affect public and public-private investment initiatives
in strategic sectors already in the works (eg lithium).

Banks largely maintain adequate capitalization and liquidity to
manage a period of stress, and the central bank has taken steps to
shore up liquidity amid deposit flight since the elections. Credit
growth had already fallen to 9% yoy in September from double-digit
rates over the past decade amid stagnant deposit growth, and is
likely to slow further amid political uncertainties and deposit
withdrawals. Inflation remains moderate at 2.5% as of September.

Fitch projects a gradual consolidation of the general government
deficit to 5.0% of GDP in 2020 from 6.4% in 2019 and 6.0% in 2018,
but the outlook is highly uncertain in the absence of a concrete
consolidation and financing strategy by the interim government.
Paring back high public investment (13% of GDP in 2018 at the broad
public sector level) could offer substantial fiscal savings without
politically difficult reforms, but a fragile economic and social
backdrop may narrow appetite for large cuts. Economic and
gas-sector uncertainties pose revenue risks. Fitch projects
debt-to-GDP will stay on its current gradual upward path as a
somewhat lower deficit is financed increasingly via borrowing
rather than deposit drawdown, rising to 48% of GDP in 2021 from 39%
in 2018, below the current 'B' median of 55%.

The sovereign's favorable debt profile should support its repayment
capacity amid ongoing volatility. External debt service needs
average just USD800 million per year (2% of GDP) in 2019-2021,
including USD430 million in maturities to official creditors and
USD370 million in interest. This will increase to USD1.3 billion in
2022-2023 as two bonds mature (USD500 million in each year).
Domestic debt is long-dated and easily refinanced in the captive
local market.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bolivia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - Macroeconomic Performance and Policy Management: -1 notch, to
reflect expansionary policies (fiscal, monetary, salary,
quasi-fiscal) and a stabilized currency that have supported growth
at the cost of high fiscal and external deficits, which continue to
erode policy buffers and pose risks and uncertainties in the
macroeconomic outlook.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could individually, or collectively, lead to
a downgrade include:

  -- Significant further depletion of fiscal and external liquidity
buffers;

  -- Increased macroeconomic instability; for example, due to
persistence of social unrest, disorderly policy adjustments, or
stress in the banking sector.

The Rating Outlook is Negative. Consequently, Fitch does not
currently anticipate developments with a high likelihood of leading
to a positive rating change. However, the main factors that could
lead Fitch to Stabilize the Outlook include:

  -- Policy adjustments that reduce the twin deficits and mitigate
macroeconomic risks;

  -- Evidence of improvement in the business climate supporting
stronger investment and growth prospects.

KEY ASSUMPTIONS

Fitch expects Brent oil prices to average USD65/b in 2019,
USD62.5/b in 2020 and USD60.0/lb in 2021, affecting Bolivian gas
prices (linked to global oil benchmarks with a three to six month
lag).

ESG CONSIDERATIONS

Bolivia has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's Sovereign Rating Model and is therefore highly relevant
to the rating and a key rating driver with a high weight.

Bolivia has an ESG Relevance Score of 5 for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
Sovereign Rating Model and is therefore highly relevant to the
rating and a key rating driver with a high weight. Institutional
deficiencies contribute to a weak business environment according to
global surveys.

Bolivia has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

Bolivia has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
a rating driver, as for all sovereigns.



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B R A Z I L
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CLEALCO: Amerra's Bid for Sugar Mill Fails to Win Creditor OK
-------------------------------------------------------------
Marcelo Teixeira at Reuters reports that a bid by U.S.-based fund
Amerra Capital Management LLC to buy one of the mills from
Brazilian sugar and ethanol producer Clealco failed to win approval
from a group of creditors of the Brazilian company.

Clealco, which filed for bankruptcy protection in July, said that
Amerra's bid of $47 million for its Queiroz mill, one of the three
mills the company operates in Brazil, was not approved, at a
meeting, by creditors who have a total debt estimated at around
BRL1 billion ($238.03 million), according to Reuters.

Amerra, a fund specialized in distressed assets and high-yield
financing, is also a creditor of Clealco, which is proposing in its
in-court recovery plan to sell the Queiroz plant to pay back most
creditors, the report notes.

Amerra already controls a sugar and ethanol plant in Brazil, the
Navirai mill in Mato Grosso do Sul state, which it acquired from
Brazil's Infinity, a company that filed for bankruptcy protection
in the troubled Brazilian sugar sector, the report notes.

A third bankruptcy case involving Amerra is linked to local grain
trader Seara Agro, which is selling some assets such as port
terminals and elevators as part of its recovery plan, the report
says.

Reuters discloses that Clealco said in a statement that creditors
thought the bid did not value the Queiroz mill properly.

More than 70 mills have gone under bankruptcy protection in Brazil
in the last years, after a long period of low sugar and ethanol
prices, the report adds.

According to a report by Valor International last July, Clealco,
with three mills in Sao Paulo, started a cost-cutting effort in the
2018/19 cycle (ended in March) that if successful will help it
resume plantation investments. After auctioning off a mill in the
municipality of Queiroz and reopening another in Clementina after
that, the company hopes the effort can improve operating indicators
enough to allow replanting 11,000 hectares as part of its goal of
renewing between 12,000 and 15,000 hectares, CEO Alberto Pedrosa
told Valor. The company has been in bankruptcy protection of its
over BRL1 billion debt for over a year.

FLEURY SA: Moody's Rates Proposed BRL500MM Sr. Unsec. Debt Ba2
--------------------------------------------------------------
Moody's America Latina assigned Ba2/Aa2.br ratings to Fleury S.A.'s
proposed BRL 500 million senior unsecured debentures with series
due in 2024 and 2027. The outlook for the rating is stable.

The proposed issuance is part of Grupo Fleury's liability
management strategy and proceeds will be used to enhance the
company's working capital and lengthen its maturity schedule.

The rating of the proposed debentures assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned as follows:

Issuer: Fleury S.A.

  - BRL 500 million senior unsecured debentures with series due
2024 and 2027: Ba2/Aa2.br

The outlook for the ratings is stable

RATINGS RATIONALE

Grupo Fleury's Ba2/Aa2.br rating reflect the company's strong and
well recognized brands, its market position in Brazil and focus on
the more resilient higher income population group, and the positive
long-term prospects of the Brazilian healthcare industry. The
ratings also incorporate Grupo Fleury's increased diversification
in terms of brands, consumer profile and geographic footprint,
built over the last 4 years, and its expectation of adequate credit
metrics and liquidity profile, even after considering the execution
of the expansion plan to open 90 service centers until 2021. The
company's resilient business model, as illustrated by its continued
adequate operating and financial performance during Brazil's
recession in 2015-16, is an additional positive credit
consideration.

The rating is constrained by the Government of Brazil's Ba2 rating,
the company's small size compared with that of its global peers, as
well as the fragmented nature of the industry, which provides room
for M&A activity. Furthermore, there are risks related to Grupo
Fleury's expansion plans, which entail both organic growth and
acquisitions, and large dividend distributions, although Moody's
expects the company to match its capital spending and shareholders'
distributions with its cash generation to preserve its
creditworthiness.

The stable outlook reflects its expectation that Grupo Fleury's
credit metrics will remain around the current levels in the next
12-18 months, and the company will prudently manage its growth
strategy and dividend distributions to preserve its liquidity
profile.

An upgrade of Grupo Fleury's ratings would depend on an upgrade of
Brazil's sovereign rating. Positive pressure on the ratings would
also require the company to continue its organic growth while
pursuing its expansion strategy and to maintain stable
profitability, leverage and liquidity levels even during tougher
macroeconomic conditions.

The ratings could be lowered if the company fails to grow
organically or to maintain an EBITDA margin around the current
level. The ratings could also come under pressure if the company's
if leverage ratio remains above 3.5x, free cash flow remains
negative on a consistent basis or liquidity deteriorates. A
downgrade of Brazil's sovereign rating could also exert negative
pressure on Grupo Fleury's ratings.

Founded in 1926, Grupo Fleury is a major provider of high-quality
diagnostic medicine in Brazil through its patient service centers
(84% of gross revenues) and operations in hospitals and lab-to-lab
(16% of gross revenues). The group has a diversified portfolio of
brands that envisages different social classes in seven Brazilian
states and Distrito Federal. For the last twelve months ended in
September 2019, Grupo Fleury posted revenues of BRL 2.8 billion
(approximately USD 734 million converted by the average exchange
rate) and adjusted EBITDA of BRL 909 million (32.0% adjusted EBITDA
margin).

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



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C H I L E
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CHILE: Shock Politico-Economic Insecurity in Country
----------------------------------------------------
Rio Times Online reports that Chile's crisis is reflecting general
uncertainty among international investors in emerging markets,
where yields have been sluggish for years.

Despite interventions by central banks, the pressure is likely to
persist, according to Rio Times Online.  With the collapse of the
Chilean peso, tension on Wall Street has soared, the report notes.
The crisis began with citizen protests, which have now apparently
prompted a referendum on the Chilean economic model, the report
relays.

According to the report, after the protests by Chileans, a new
constitution, containing a new economic model, is now being
discussed in Chile, causing a steep decline in the value of its
currency.

And this is happening in Chile, of all places, where the Wall
Street wise men have been praising the success of the liberal
Western economic system for decades, the report adds.



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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Private Sector Keeps an Eye Over Plant Sale
---------------------------------------------------------------
Dominican Today reports that the Dominican Industries Association
(AIRD) considers normal and transparent the creation of a new
company for the subsequent sale of a 50% stake in the Punta
Catalina Power Plant, but suggests keeping vigilance over some
aspects.

According to Dominican Today, AIRD president Celso Juan Marranzini
notes that the fact that the State disposes assets is correct,
because its function is not to manage assets or be an entrepreneur,
although "we must be careful to be such a large investment, see the
sale and share price and the price at which the State would buy
energy from the Edes (distributors)."

"Now, AIRD executive vice president Circe Almanzar said separately,
when the sale of 49% of the shares they have announced is to be
vigilant, because that is where the PPP (power purchase pact)
contract must be transparent, of the value that the shares will be
sold, the operation and who will manage the plant," he said,  notes
the report.

                         Details, Details

Meanwhile the Dominican Electric Industry Association (ADIE) says
it awaits for the authorities to publish all the specific
information related to the company Central Termoelectrica Punta
Catalina S.A., together with the details of the process, the report
adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).



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J A M A I C A
=============

JAMAICA: Lee-Chin Chides Gov't. Over Reluctance to Divest Assets
----------------------------------------------------------------
RJR News reports that Michael Lee-Chin, Chairman of the Economic
Growth Council, has criticized the government for failing to divest
under-performing assets.

He said the reluctance is causing lower than expected economic
growth, according to RJR News.

The Economic Growth Council has recommended that the Factories
Corporation of Jamaica and Urban Development Corporation divest $30
billion worth of assets, the report notes.

But Mr. Lee-Chin argues that he has only been getting excuses from
the government, the report relays.

                         About Jamaica

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.

JAMAICA: Sees Increase in Credit From Deposit Taking Institutions
-----------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) is reporting a 15.5
per cent increase in credit from deposit-taking institutions to
businesses and households for the 12-month period ending
September.

BOJ Governor Richard Byles said this is broadly consistent with the
level of growth in this area, since the start of  the year,
according to RJR News.  The increase coincided with a reduction in
rates on local currency loans, the report notes.

Meanwhile, the Bank of Jamaica has decided to hold the policy
interest rate at 0.5 per cent, the report relays.

As with the previous decision announced in September, the central
bank says this is based on its current assessment that monetary
conditions are generally appropriate to support the achievement of
the inflation target of four to six per cent over the next eight
quarters, the report discloses.

The inflation target was set by the Government to facilitate a
faster pace of economic growth, the report notes.

The BOJ says it will continue to closely monitor the impact of the
significant monetary loosening on credit expansion, capital market
transactions, overall economic activity and the impact on
inflation, to determine the policy rate, the report relays.
                                                                   
             
The central bank is also reporting that net remittance inflows grew
by US$19.8 million between January and August, the report notes.

The bank says this reflected an increase of 2.3 per cent in
remittance inflows partially offset by a 9.8 per cent rise in
outflows, the report adds.

                          About Jamaica

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.



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M E X I C O
===========

MEXICO: Economy Stagnates in Third Quarter
------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico's
economic activity was flat in the third quarter following three
quarters of negative output, putting the economy on track for its
worst yearly performance in a decade.

Gross domestic product, which measures output of goods and
services, was unchanged from the second quarter in seasonally
adjusted terms, the National Statistics Institute said, according
to The Wall Street Journal.

Revised numbers showed GDP posting 0.1% contractions in each of the
previous three quarters, meeting the conditions of a technical
recession defined by two consecutive quarters of negative growth,
according to many economists, the report notes.

In the third quarter, industrial production fell 0.1% from the
second quarter, while services rose 0.1% and agricultural
production rose 3.3%, the report relays.

GDP was down 0.3% from the third quarter of 2018, and was unchanged
in the first nine months of the year, the statistics institute
reported, WSJ notes.

The economy is widely expected to show little or no growth in all
of 2019, which will make this its worst performance since the
recession of 2009, the report adds.



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P U E R T O   R I C O
=====================

LABORATORIO ACROPOLIS: Plan & Disclosures Filing Deadline Extended
------------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted debtor Laboratorio Acropolis Inc.
an extension until Dec. 6, 2019 of the deadline to file a Plan of
Reorganization and Disclosure Statement.

In seeking an extension, the Debtor explained that its accountant
is working with projected cash flow and other financial data in
order to submit the Disclosure Statement and Plan.  The drafts of
both have been already discussed with the Debtor's officer.

                 About Laboratorio Acropolis

Laboratorio Acropolis, Inc., was incorporated in 2004 to purchase
as a going concern a business named "Laboratorio Acropolis," a
provider of clinical laboratory services.

The Debtor previously filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-04609) on June 9, 2016.  

Laboratorio Acropolis again sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02601) on May 8,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of between $1 million and $10
million. Judge Mildred Caban Flores oversees the case. The Law
Office of Gloria Justiniano Irizarry is the Debtor's counsel.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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